Vargas Company uses the perpetual inventory method. Vargas purchased 2,300 units of inventory that cost $24.00 each. At a later date the company purchased an additional 2,700 units of inventory that cost $25.00 each. Vargas sold 2,400 units of inventory for $28.00. If Vargas uses a FIFO cost flow method, the amount of cost of goods sold appearing on the income statement will be:

• $57,700
• $9,500
• $55,200
• $7,200